Economy

The federal cabinet has decided to reimburse Rs2.5 billion to the gas consumers who had to pay inflated bills, Information Minister Fawad Chaudhry said here on Tuesday. Talking to media after the federal cabinet meeting, Chaudhry observed that at least 3.2 million gas consumers were affected by overcharging of gas bills and that the government was taking measures to compensate …

Chinese firms issue letter of intent for $2bn investment in Pakistan PM’s assistant says a heavy truck assembling plant will soon be established in the Rashakai Economic Zone The XCMG and HSS Group of China have issued a Letter of Intent (LoI), highlighting their course of action to materialise the recently announced $2 billion investment in Pakistan’s housing and manufacturing sectors. …

A World Bank (WB) delegation called on Prime Minister Imran Khan and expressed its satisfaction over the Pakistan Tehreek-e-Insaf (PTI) government’s economic policies, a private media outlet reported on Monday. According to sources, the World Bank’s delegation assured PM Imran of its complete support in the ongoing development projects, adding that they want to work in Pakistan through joint ventures. Prime Minister …

Pakistan could become a $2 trillion economy in the next 28 years if it remains steadfast in its reforms and manages to reduce its population growth rate to 1.2% “With sustained reforms, Pakistan could be a $2 trillion economy when it will turn 100 in the next 28 years,” said the World Bank (WB) Country Director Patchamuthu Illangovan while sharing …

FBR facing record shortfall of Rs485 bn In an alarming development, the government has projected highest-ever tax shortfall being faced by the FBR in its whole history since inception as this increasing shortfall might touch Rs485.9 billion till end June 2019. In absolute figures, the FBR is heading towards the highest ever tax shortfall of its history with increasing threat …

Sooner or later, country will need IMF programme The media commentary revolves around the timing of the International Monetary Fund (IMF) bailout programme. One camp holds the view that the government should opt for the programme as soon as possible. It has already delayed the IMF programme, which is making the management of economy tough in the coming months. The …

A meeting of local business community was held at the Islamabad Chamber of Commerce & Industry (ICCI) under the chair of ICCI President Ahmed Hassan Mughal to express resentment against the Federal Board of Revenue (FBR) raids on business premises. ICCI executive members, former presidents, senior members and representatives of market associations were present at the occasion. Through a resolution, …

Prime Minister Imran Khan announced on Monday that the government plans to spend over Rs100 billion annually for 10 years for the development of tribal districts. The premier took to his Twitter handle and wrote that living up to his government’s commitment, they were initiating a three-week consultative process on 10 years Development Plan for former Federally Administered Tribal Areas. The …

ML-1 reverts to EPC mode as China refuses BOT terms• Work on Balochistan road project to begin soon• List of projects in agri, health, education & other areas nears finalisation• Agreement for Rashakai Special Economic Zone by 25th• Gwadar International Airport groundbreaking by month end The government has decided to revert to the original plan of undertaking $8.2 billion Karachi …

Pakistan’s trade deficit contracted over 11% to $21.5 billion in first eight months of the current fiscal year, primarily because of a steep decline in imports but the growth in exports remained sluggish, underscoring the need for a review of the policy of subsidising exporters. Exports, both on month-on-month and year-on-year basis, fell in February 2019, which put a question …